New EU requirements are coming into effect on 14 September 2019 so the connection between your bank and Xero may change. Under the new requirements, UK banks must develop a gateway or API (Application Programming Interface) for third parties, like Xero, to connect to.
What does this mean?
Many bank feeds on Xero are being replaced so these feeds will need updating to ensure your transactions pull through to Xero in the most efficient way. Many feeds will be replaced by Open Banking; however, some won’t change at all and others will be available at a later date. This means that some people will need to manually import bank statements until a feed is available.
When will this start?
The updates are different for each bank. But when you need to make a change you will receive a notification on your dashboard. All you will need to do is click on the link and follow the instructions to reconnect the two. Before you do it, don’t forget to check what date your last bank feed ended so that you can select the correct start date in Xero for continuity. Also double check any bank rules that you have set up as they may also be affected.
Is this a one off?
Unfortunately not! Under the new rules you will need to go through this process every 90 days.
If you have any questions or concerns, please don’t hesitate to contact us we are happy to help! 01332 292022 email@example.com